All Greek banks were needed was another bailout and capital controls. Both needs have been satisfied and now their liquidity has improved. Therefore the Bank of Greece requested the European Central Bank to lower the Emergency Liquidity Assistance (ELA).
The European Central Bank lowered on Tuesday the ceiling for emergency liquidity assistance (ELA) Greek lenders can get from the Greek central bank to 89.7 billion euros from 91 billion euros, a banking source said.
“The ELA cap was lowered, in line with a request by the Bank of Greece, due to improving liquidity conditions,” the source told Reuters, speaking on condition of anonymity.
Greek banks have relied on emergency funding in recent months after a wave of deposit outflows. (Reuters)
The next good news could be that Greeks are flocking to banks to return the deposits of estimated at least 40 billion euro they had been withdrawing since December 2014. The over-next good news might be that Greek banks do not need recapitalization…
All Greece and Greeks needed was a determined Schaeuble :p
“determined Schaeuble” not clear? Here is the explanation: Schaeuble was determined to get Greeks get a 3. bailout, now he has plans for a 4th.